5 Tips to Getting Your Startup Funded, by Kabbage CEO, Rob Frohwein

Rob Frohwein is well aware of the challenges new business owners face, particularly when it comes to funding. His Atlanta-based company, Kabbage Inc., is tackling this problem head on, providing business owners access to working capital. Kabbage is the #1 online provider of working capital to small businesses. Kabbage has built the world’s fastest platform to provide capital to small businesses, funding companies within 7 minutes.

In the video below, Rob offers these suggestions for getting funding;

1. Draw the line between personal and business expenses

Small businesses have to act like businesses and make sure they are managing their money appropriately. When you spend money on your business, submit an expense report and then pay yourself back later.

2. Beg and borrow, but don’t steal

You have to be very diligent about getting cash. First, talk to family and friends, but if you don’t have a rich uncle, you might want to look into borrowing or look for alternative financing sources.

3. Know your bottom line

If you’re going to get cash, you want to make sure you’re getting it for the right reasons. If you’re not focused on a return in investment, say no to more money.

4. Be stubborn

Don’t take no for an answer. If you are turned down, find out why and work to make your product better.

5. Be scrappy

Focus on the revenue, and don’t spend money on anything that won’t generate assets.